Ponzi

Madoff’s $173 Million Stash

Those looking to recoup Bernard Madoff losses can begin with the paper piled on his desk: Federal prosecutors said today that they found 100 signed checks totaling over $173 million on his desk when he was arrested on December 11. According to the Associated Press, he was planning to send the checks “to his closest family and friends at the time of his arrest last month.” According to the prosecutors, “The only thing that prevented the defendant from executing his plan to dissipate those assets was his arrest by the FBI on Dec. 11.” The detail came to light as prosecutors argued that Madoff should have his bail revoked and be sent to jail.